Vion Shares Jump as EU Gives
Orphan Status to Cancer Drug

Dow Jones Newswires

Updated Jan. 23, 2006 4:25 p.m. ET

Vion Pharmaceuticals Inc. shares jumped after the drug maker's European arm received orphan designation for its lead cancer treatment, Cloretazine, which gives it exclusive rights for the drug in Europe for 10 years.

The New Haven, Conn., company said that orphan designation is granted by the European Commission to promote development of drugs to treat rare diseases or conditions. It added that the designation for Cloretazine, which...